In 2024, 76% of Spinny's customers in India were first-time buyers of used cars. Women buyers increased to 26%, with many preferring automatic hatchbacks. Top car models included Renault Kwid, Hyundai Grand i10, and Maruti Suzuki Swift. Hatchbacks and compact SUVs saw significant sales. Major cities like Bangalore, Delhi NCR, and Hyderabad led the market.
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ICICI Securities resolved alleged stock brokers rules violations by paying Rs 80.4 lakh to the markets regulator Sebi. The settlement followed an inspection that revealed non-compliances related to margin trading facility and other issues. A technical glitch was also reported and corrected as part of the settlement terms.
The Union government's efforts on infrastructure development and investments in critical sectors such as railways, defense, power, and data centers is expected to drive growth momentum into financial year (FY) 2026 and beyond, says a report by financial services firm Prabhudas Lilladher (PL).
China's foreign minister Wang Yi criticizes the US for imposing arbitrary tariffs despite China's efforts to curb fentanyl exports. He warns that such actions disrupt global stability and mutual trust. Wang emphasizes China's strong ties with Russia and calls for greater representation of developing nations in global governance, highlighting China's role as a stabilizing force.
Indian stock markets will be closed on February 26, 2025, for Maha Shivratri. After a strong performance by Bharti Airtel, M&M, and HDFC Bank, trading will resume on February 27, 2025. The closure is part of the NSE and BSE holiday calendar, with 14 market holidays scheduled for the year.
US stocks dropped significantly after President Trump announced tariffs on Canada and Mexico. The S&P 500, Dow Jones, and Nasdaq saw big falls amid concerns over economic growth and trade tensions. Certain sectors were hit hard, including Nvidia, Tesla, and Kroger. Investors are wary of economic uncertainties as future Federal Reserve actions remain in focus.
Restaurants are planning to challenge food delivery giants Zomato and Swiggy by partnering with the government-backed ONDC to launch private label food and regain control over their digital presence and customer data. This move aims to lower costs, choose their own logistics partners, and reduce dependence on commissions up to 35% charged by Zomato and Swiggy.
HDFC Bank's deposit base exceeded its advances for the first time following the merger with its parent housing finance company in July 2023. Deposits grew by 15.8% year-on-year, primarily through term deposits, while advances recorded a slower 3% increase, partially due to a decline in corporate loans.
Finance Minister Nirmala Sitharaman announced unprecedented tax relief in the Budget to support domestic production and enhance export competitiveness. The new Income Tax Bill, addressing digital record examinations, is set for discussion during the monsoon session of Parliament, aiming to update the 63-year-old law.
Hindustan Petroleum Corporation Ltd (HPCL) shares surged nearly 5% after the company posted a more than threefold increase in December quarter net profit. The profit for Q3 FY25 stood at Rs 2,543.65 crore, up from Rs 712.84 crore year-on-year. The boost came from a significant rise in earnings from downstream fuel retailing, while overall income from operations remained steady.
Indian stock markets tumbled on Thursday, with Sensex closing below 80,000 and Nifty below 24,000 for the first time since late November. The sell-off, driven by hawkish US Fed statements and foreign fund outflows, wiped out Rs 3.8 lakh crore in investor wealth. Selling pressure was broad-based, with ICICI Bank, Reliance, and HDFC Bank leading the decline.